By Runwal Group Posted On Dec 08, 2020
Category Residential properties
The Indian real estate market took a massive hit amidst the COVID-19 crisis. Several prospective buyers were forced to pause their home search because of the pandemic. From an increased expense of the household to salary cuts, the pandemic increased buyers’ difficulties during the time.
In the initial half of 2020, demand for housing units saw a precarious decrease in major cities. However, as the general public gradually accepts the new normal, an array of opportunities has risen for the realtors.
Industry experts are anticipating a rise in demand for housing from Tier 2 and 3 cities because of reverse migration, one of the key COVID-19 aftereffects. Urban communities like Lucknow, Indore, Chandigarh, Kochi, Coimbatore, Jaipur, and Ahmedabad would be the principal recipients of the reverse migration of experts who lost their jobs in the metro cities during the nationwide lockdown. These returnees will be benefited from the housing opportunities in the smaller region due to the basic amenities and superior infrastructure many Tier 2 and tier 3 cities give.
Another reason for this sudden increase in interest is that COVID has brought people closer to their families and normalised the rural lifestyle. For months they were locked inside their homes, managing everyday chores on their own and living life on minimal means. A need for a sustainable lifestyle has also risen among the young generation, which can continue working from home from any part of the country now.
Indeed, even previously, Tier 2 and 3 cities saw impressive growth in popularity, essentially because of available pricing, more space, better degrees of profitability, and lower cost of living, generally makes these places prepared to move in. With the government’s attention towards empowering businesses, these towns were already seeing a sort of reverse migration as it was normal for its people living in urban areas to find an interest in buying property back at home. The forthcoming festive season post the lockdown could be the greatest trigger towards the new demand and an incredible recuperation sign for the real estate business.
Developers are simultaneously launching new projects in different parts of Tier 1 cities as well. We, at Runwal Group, are currently developing a project in Kanjurmarg West, Mumbai where we are offering elegant homes with serene surroundings. The project entails 2 & 3 BHK flats in Kanjurmarg West supported by a multitude of facilities. This breathtaking project is a part of Runwal Forests, and among one the finest luxury residential 2 & 3 BHK flats in Kanjurmarg West, Mumbai